Savings Account FAQs & Basics

6 Savings Account Fees You Need to Know About Be aware of the different types of fees that a bank could charge on a savings account. Find out why they are being charged, how much they cost, and what you can do to avoid them. Learn about online banks that are able to offer significantly higher savings rates without expensive fees. Why Were You Denied a Savings Account? Photo of Valerie Ashton Valerie Ashton Why Were You Denied a Savings Account? It's fairly common for banks to deny you from certain services they offer, like...

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Compounding Interest Daily vs. Monthly: What’s Better for Your Savings? Learn the differences between daily and monthly compounding interest to determine if it actually matters to you and your savings. Find out how the two terms are related to APR and APY. Understand how the rate of compounding is used to calculate the effective return of your deposits in savings accounts and CDs. The Differences Between Money Market Accounts and Money Market Funds Learn the differences between money market accounts (MMAs) and money market funds (MMFs), two similar-sounding financial vehicles that are often confused with each other. Find out how each of them work and their roles in your finances. Then, you are better informed with what you should do when you come across either of them. How Much Should You Keep in an Emergency Fund? Photo of Krista Baum Krista Baum How Much Should You Keep in an Emergency Fund? Dealing with an emergency, such as losing your job or unexpected car repair, is... What is the Average Interest Rate on Savings Accounts? Photo of Valencia Patrice Higuera Valencia Patrice Higuera What is the Average Interest Rate on Savings Accounts? There are many ways to save and invest your money. If you’re looking for a solution... Savings Account vs. Money Market Account: Which Is Better? Learn the differences between a savings account and a money market account (MMA). Find out which one you should choose to grow your savings depending on fees, features, minimum opening deposits, check-writing capabilities, and debit card access. Do You Have to Keep a Minimum Balance at a Credit Union? Find out whether or not you need to maintain a minimum balance at a credit union because it related to how they work differently from banks. Learn why it matters in order to keep a credit union membership and what happens when you are still a member but have an account become inactive or dormant. How to Open a Savings Account with Bad Credit Photo of Thomas (TJ) Porter Thomas (TJ) Porter How to Open a Savings Account with Bad Credit Your credit score is an integral part of your financial life. It is a record of...